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It is undeniable that entrepreneurs are able to conduct business at a much faster pace in the era of the Internet and cloud devices. Formerly tied to pen and paper, businesses were stuck with physical, capital investments (like machinery) and were forced to keep their work in centralized spaces. However, with startups seeing a failure rate of 75%, adopting the most up to date enterprise technology is an absolute necessity.

Enterprise technology, digital ecosystems that help businesses grow, are the very foundation of the modern economy. They aid in the ability to share information, communicate with clients, and store data and improvements to them typically make those processes cheaper and more efficient. However, stuck in the past, still using outdated software and missing out on the benefits the efficiency these improvements bring.

For reference, here is a pretty good summation of the evolution of enterprise technology courtesy of Novell and Avalaunch Media:

Technology Through the Years Infographic

Now, common understanding of enterprise technology, here is what I have found to be the greatest benefits of upgrading the technology and a few tips for implementation.

1. Ultimate agility

By implementing robust database and analytics software, businesses no longer have to wait for data and information that will help enable them to run lean and understand their market which, in turn, allows them to make informed business decision and adjust strategy as necessary.

2. Access to a great pool of talent

Analysts estimate that 1 in 5 American employees work remotely as 2011 and as smart devices become more common, this number will surely increase. This rampant growth can be credited almost entirely to the Internet, a tool that allows businesses to free themselves from a physical office and gives them access to a much wider and competitive talent pool.

3. The ability to act fast

File sharing, primarily the movement away from pen, paper, and floppy disks, has made information sharing and communicating with clients a much faster and more efficient process. By standardizing and streamlining information sharing processes, startups are able to pick up new contracts and fulfill the terms quickly without waiting for physical files to be passed around.

4. Effortless internal sharing

Before information could be stored in a cloud, it was also tied to a something physical that had to be replicated to be shared. Sharing this information wasted time and resources that most startups simply can’t afford. However, cloud services and transitioning into a paperless office will allow everyone in an organization to access the same information simultaneously and immediately.

5. Wireless connectivity

With the invention of wireless technology being available on almost every device, companies are allowed the convenience of mobility without ever having to go out of contact. This is likely to become more poignant as 3D printing becomes more pervasive and physical resources, like tools or parts, can be printed from remote locations.

6. Increased automation

Automation is crucial for businesses looking to keep staffing costs low and improvements to technology allow businesses to automate tasks, like data entry, which were formerly completed by low-level employees. This software is not only less likely to make an error, but is also a sunk costs once the initial investment is made, which makes automation a must for any startup looking to expand their data processing capabilities.

The Faster and More Efficient Future

As capabilities of technology are expected to continue growing exponentially, it is certain that the future of business will increasingly efficient, streamlined, and will move at a faster pace. This is particularly true of information sharing as new avenues open everyday that allow more people to share more information, like recommendations and software, everyday.

Additionally, enterprise software will become software will grow to be more user friendly and capable. Soon business owners will be able to interact with data, clients, and remote employees on an integrated platform. This means that startups can lower overhead costs, hopefully keeping them low enough to reduce the overall failure rate.

Adopting new technologies is often coupled with a brief period of increased costs and a steep learning curve; however, it is imperative that all entrepreneurs learn to adapt. New devices will be released that old cold would not work on, but instead of holding onto the past, take the time to step into the future.